Detroit is experiencing a construction boom that the city hasn’t seen in decades, with billions of dollars earmarked for projects that include Bedrock’s mixed-use development at the former Hudson’s site, Ford Motor Co.’s revitalization of the Michigan Central Station and the long-anticipated construction of the Gordie Howe International Bridge.
No other neighborhood in Detroit has as much residential development under construction or planned than Brush Park. The neighborhood between downtown and Midtown was once all but forgotten, with historic Victorian homes crumbling and vacant lots showing up as a backdrop for media coverage. Now, property values have increased drastically over the past few years, and new condos are selling for well over $500,000.
The Troy-based Kresge Foundation has committed $50 million to the “cradle-to-college” center planned for the Marygrove College campus in Detroit. The grant to the project, which also will expand the University of Michigan’s presence in Detroit, is the largest philanthropic commitment made by a foundation to any Detroit neighborhood. It will fund an effort two years in the making, including an early childhood education center led by Starfish Family Services set to open in fall 2020 and a UM-led residency teaching school modeled after a doctor residency program. UM President Mark Schlissel said the resident teaching school is believed to be the first of its kind in the country.
Google is celebrating the grand opening Thursday of its Detroit office at The Detroit District linked to Little Caesars Arena. As part of the grand opening, Google is expected to award $750,000 grant to a science, technology, engineering and math college prep program for underprivileged youth run out of Wayne State University. Google’s grant will fund 120 selected scholars and 300 other high school students with broader programming for three years.
Investors will best benefit from being aware of the issues and monitoring the results of initiatives on the ballot even if the voting is not happening in their state. Furthermore, understanding how election results may affect housing policy and the practical aspects of investing, such as the cost of labor and materials, provides investors with another “tool” for market analysis and strategic decision-making.
Public parks have received a lot of attention in Detroit lately, and while the city has many to celebrate, sometimes it’s a little too cold to sit outside. Where can we take a break and have a seat indoors?
As I continue to discover the power of passive real estate investing, I want to shout the benefits of multifamily investing from the rooftops.
Bedrock over the weekend released new renderings of the latest design for the Hudson’s site tower, showing a 912-foot stepped glass tower that would be 200 feet taller than the Renaissance Center and make it one of the tallest buildings between the skyscraper meccas of Chicago and New York City.
Institutional investors plan to dedicate more of their funds to real estate next year, continuing a trend that has been seen since 2013, according to a new research report.
Detroit’s success with the shared e-scooter market isn’t just a win for the city—it will shape how other cities use dockless mobility devices to achieve equity and safety goals.